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Tag Archives: foreclosure

Attorneys: HUD forcing NC lawyers to break its own rules (access required)

The Department of Housing and Urban Development says it is eager to offload an unprecedented inventory of North Carolina residential real estate, but its own rules and contractors are inhibiting closings on sales of HUD-owned properties, attorneys say. "My experience with HUD has been that they have established some rules which have made it very difficult for them to liquidate real estate in my opinion," said Monroe attorney Lewis R. Fisher. "To further complicate matters, HUD has representatives who don't understand real estate law in North Carolina," he said.

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Real Property – Foreclosure – Substitute Trustee – Notice – Subprime Loans (access required)

In re Foreclosure of Gilmore. The trial court erred when it allowed the substitute trustee to proceed with foreclosure where a person signed a notice in her individual capacity and not on behalf of the substitute trustee, and therefore was not authorized to give notice to the borrowers, and where the trial court failed to make a required finding of whether the underlying loan was a subprime loan as defined in the applicable statute.

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Unauthorized trustee gives homeowners temporary reprieve (access required)

A Winston-Salem property owner will avoid foreclosure for the time being because a Forsyth County trial court failed to make a required finding in the owner's appeal of a clerk's decision to allow the foreclosure to proceed, according to an unpublished Court of Appeals ruling. The trial court should have determined whether the property owner's loan was a subprime loan as defined under G.S. § 45-101(4), and if it was, it should have determined whether a pre-foreclosure notice described in G.S. § 45-102 was provided and whether the periods of time established by law had elapsed, the panel said. Because it did not, the Court of Appeals reversed the trial court's order.

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